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Saleen

Steve Saleen already had a career as a successful racing driver when he built his first modified Mustangs as Saleen Autosport in 1984. The business established quite a reputation with the powerful models and eventually branched out with its own supercar called the S7 in 2001. Saleen retired from the automaker in 2007 and briefly lost the right to the company name. However, he reacquired it in 2012.

All of the intellectual property rights to the Saleen S7, S7R, and S5S Raptor are currently up for sale. The collection also includes six remaining S7 chassis and any other remaining inventory and parts for the supercars.

Saleen Automotive is best known for building hot numbers including countless tuned Ford Mustang muscle cars, and more recently, for offering a custom version of the Tesla Model S. Unfortunately, the company needs a huge infusion of cash even faster than its cars if it wants to stay on the road beyond the end of the year. In a new Securities and Exchange Commission filing, Saleen admits that its financial situation is dire, and it has just $7,261 in cash sitting in the bank as of September 30.

Steve Saleen kind of shocked us when he announced that his company was working on an electric car late last year with no solid details to speak of. It just seemed like a complete about-face from the big muscle Ford Mustangs and supercars Saleen had built its reputation on. If anything, it was even more surprising when the business revealed that the new model would be a tuned Tesla Model S to be dubbed the FourSixteen. We finally got a glimpse of it during Monterey Car Week, and while the sedan's